First, it's important to understand that there are differences between Labels and Internal values for your property options in HubSpot:

Labels are the visible options that appear on your forms and throughout your HubSpot account on contact records and personalized emails and content. For example, in the Persona property, an option's label might be Corporate marketer looking to run better campaigns. If you were to use Persona as a personalization token in an email, the label for the property option would appear in the sent email.

Internal values are used for storing the data. These are what lists, workflows, and dashboard reports look for to identify if a contact meets the filter criteria you've set. Internal values are also used with HubSpot APIs and integrations (e.g. Salesforce). In some cases, the label may not match the internal value, especially for default HubSpot properties. For example, the internal value that would correspond to the label in the example above would be persona_5, as shown here.

There may be times when you need to make adjustments to your labels and internal values. For consistency, any changes you make to a property option label will also change the corresponding internal value. However, once you manually edit an internal value, the two fields will become independent; changes to the label will not impact the internal value and vice versa going forward. Any changes to internal values will impact the lists, workflows, and dashboard reports using the property in filters. Therefore, when you change an existing property option's internal value that is used in lists, workflows, or dashboard reports, you'll need to update the filters accordingly to reflect the new property option value. If the lists, workflows, or dashboard reports aren't updated, contacts will not meet the criteria as expected because the property option no longer exists.